14:55:14 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Canaccord Genuity Group Inc
Symbol CF
Shares Issued 111,747,563
Close 2016-08-12 C$ 4.14
Market Cap C$ 462,634,911
Recent Sedar Documents

Canaccord will not redeem Series A shares Sept. 30

2016-08-12 10:33 ET - News Release

Ms. Christina Marinoff reports

CANACCORD GENUITY GROUP INC. ANNOUNCES CONVERSION PRIVILEGE OF CUMULATIVE 5-YEAR RATE RESET FIRST PREFERRED SHARES, SERIES A

Canaccord Genuity Group Inc. does not intend to exercise its right to redeem all or any part of the currently outstanding cumulative five-year rate-reset first preferred shares, Series A, of the company on Sept. 30, 2016. There are currently 4.54 million Series A preferred shares outstanding.

As a result and subject to certain conditions set out in the short form prospectus dated June 16, 2011, relating to the issuance of the Series A preferred shares, the holders of the Series A preferred shares have the right, at their option, to convert all or any of their Series A preferred shares, on a 1:1 basis, into cumulative floating-rate first preferred shares, Series B, of the company on the conversion date. A formal notice of the conversion privilege will be sent to the registered holder of the Series A preferred shares.

Holders who do not exercise their right to convert their Series A preferred shares into Series B preferred shares will continue to hold their Series A preferred shares and will have the opportunity to convert their shares again on Sept. 30, 2021, and every five years thereafter as long as the shares remain outstanding.

The foregoing conversion privilege is subject to the following conditions: (i) if the company determines that there would be less than one million Series B preferred shares outstanding on the conversion date, then holders of Series A preferred shares will not be entitled to convert their shares into Series B preferred shares, and (ii) alternatively, if the company determines that there would remain outstanding less than one million Series A preferred shares on the conversion date, then all remaining Series A preferred shares will automatically be converted into Series B preferred shares on a 1:1 basis on the conversion date. In either case, the company will give written notice to that effect to any registered holders affected by the preceding conditions of the Series A preferred shares no later than Sept. 23, 2016.

The dividend rate applicable to the Series A preferred shares for the five-year period commencing on Oct. 1, 2016, and ending on and including Sept. 30, 2021, and the dividend rate applicable to the Series B preferred shares for the three-month period commencing on Oct. 1, 2016, and ending on and including Dec. 31, 2016, will be determined and announced by way of a press release on Sept. 1, 2016.

Beneficial owners of Series A preferred shares who wish to exercise their conversion privilege should communicate as soon as possible with their broker or other nominee to obtain instructions for exercising such right during the conversion period, which runs from Aug. 31, 2016, until 5 p.m. (Toronto time) on Sept. 15, 2016.

We seek Safe Harbor.

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